https://www.taxtmi.com/caselaws?id=6571 Where deposits and investments stand in the names of individual assessees, the unexplained amounts may be assessed as their income if they fail to explain the source of funds. Search material, incomplete books and recorded statements did not prove the existence of a genuine firm or show that the deposits were public collections, so the burden remained on the named deposit holders. A direction to link the amounts to the books of a fictitious firm had no evidentiary basis and could not stand. The unexplained income was therefore assessable in the hands of the individual assessees, not the alleged firm. en-us Tue, 24 Jul 2007 00:00:00 +0530 Tue, 03 Feb 2026 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6571 Where deposits and investments stand in the names of individual assessees, the unexplained amounts may be assessed as their income if they fail to explain the source of funds. Search material, incomplete books and recorded statements did not prove the existence of a genuine firm or show that the deposits were public collections, so the burden remained on the named deposit holders. A direction to link the amounts to the books of a fictitious firm had no evidentiary basis and could not stand. The unexplained income was therefore assessable in the hands of the individual assessees, not the alleged firm. Case-Laws Income Tax Tue, 24 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6571